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KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
1ST APRIL 2022
CHARITY NO. 1124077
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1ST APRIL 2022
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CONTENTS
PAGE
Charity Information 1
Trustees' Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 9
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1
KENTISH TOWN IMPROVEMENT FUND
CHARITY INFORMATION
TRUSTEES: Dr. E. A. Goodburn Dr. P. Posner Dr. D. R. MacGregor Dr. S. Higginbottom Dr. H. Nacer-Laidi Dr. S. Yaxley Ms. A. Hussein CHARITY NUMBER: 1124077 REGISTERED OFFICE: James Wigg Practice Kentish Town Health Centre 2 Bartholomew Road London NW5 2BX INDEPENDENT EXAMINER: Laurence Slavin Ramsay Brown LLP The Brentano Suite, Solar House 915 High Road North Finchley London N12 8QJ
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CLIENT REFERENCE: K223
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2
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 1ST APRIL 2022
The trustees present their report along with the financial statements for the year ended 1st April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102) 2016.
1. REFERENCE AND ADMINISTRATIVE DETAILS
The Charity was formed under a trust deed dated 19[th] December 2007 and registered with the Charity Commission for England and Wales on 15[th] May 2008.
The trustees named on page 1 have served throughout the year. The trustees run the day to day activities of the Charity personally and do not employ any staff. Ramsay Brown LLP prepare the annual financial statements using financial records prepared by the trustees. The information shown on page 1 forms part of the trustees’ report.
2. STRUCTURE, GOVERNANCE AND MANAGEMENT
The trustees consider that the affairs of the Charity are straightforward and do not require a complicated regime of governance. The trustees are regularly in touch and meet formally four times a year. The trustees have in mind the need to provide for trustees’ succession and when new trustees are appointed the trustees will ensure that they are properly inducted and trained.
3. OBJECTIVES AND ACTIVITIES
The objects of the Charity are charitable objects or purposes concerned with the benefit of the community living in the London Borough of Camden and the surrounding areas by the promotion of health, the advancement of education and the relief of poverty, sickness and distress.
The Charity achieves these objectives by the trustees making financial grants to organisations. The trustees made a small number of grants to organisations for charitable purposes within the objects set out above. The charity also offers financial support to a range of services at Kentish Town Health Centre including social and healthcare, multidisciplinary interactive healthcare and education training, and support groups for sufferers of long term conditions.
4. ACHIEVEMENTS AND PERFORMANCE
The trustees are pleased to state that the trust has sufficient funds to meet its current and future obligations, and that such reserves as it maintains are considered to be reasonable.
Risk Management
The major risks to which the trust is exposed, as identified by the trustees, are and will continue to be regularly reviewed, and systems have been and will be established, and where appropriate, professional advisors have been or will be appointed to mitigate those risks.
5. FINANCIAL REVIEW
During the year ended 1st April 2021 the trust received donated funds of £45,687 (2021: £433,244), now presented in the accounts as My Gift to My Community.
Our primary sponsor comments:
"My support to the community stems from a desire to tackle inequality and injustice. The Kentish Town Improvement Fund was set up with a broad agenda. It has delivered targeted help since 2008. It is important this continues.”
As a National exemplar we must continue without erosion of our principles. It is necessary to restrict our core funding to deliver the primary care initiatives we have developed. These are unique, as they are Primary Care based, not hospital funded or delivered in Secondary Care.
The Free Space Project now delivers a programme of Arts and Health activity that is a leading example of what can be delivered in Primary Care. The Social prescribing agenda specifically adds to the repertoire of the possibilities for doctors and nurses to prescribe, or direct patients towards. Our research has shown a decrease in antidepressant medication prescribing and fewer GP appointments in the cohort benefiting from FSP funded initiatives.
Continued.………
3
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
Continued...
Community Health Partnerships - a wholly owned Department of Health property section - sights the FSP as a National exemplar across their estate. This now comprises more than 250 Health Centres built over the last 12 years. The FSP intends to show case what can be delivered to tackle difficult community problems, which do not currently have mainstream support.
We intend to deliver an expanding programme of Social Prescribing initiatives. It is important our funding is targeted and restricted to ensure our success.
The trustees are pleased with the performance of Kentish Town Improvement Fund which has net assets of £377,538 (2021: £443,253). There was a net outgoing resources of £65,715 in the current year (2021: incoming resources of £304,997). The trust also continues to utilise a donation of £250,000 received in the year-ended 1[st] April 2014, another £250,000 received in the year-ended 1[st] April 2018 and £375,000 received in the year-ended 1[st] April 2021 to enable it to continue to fund the ongoing implementation of its objectives.
Reserves Policy
In line with the recommendations of the Charity Commission, the trustees have formally adopted a reserves policy. This recognises that the income of the trust does not arise evenly year on year and so to enable the trust to plan its activities it is prudent to hold reserves. The Trustees consider it wise to hold unrestricted funds to satisfy ongoing projects for 6 months. This equates to £65,009 as in the proposed budget.( Attached ). The policy also recognises that the reserves that represent the fixed assets of the trust are not freely available and thus are to be distinguished from free reserves. The trustees believe the reserves are adequate to support the continued efficient management of the trust and are not excessive.
Investment Policy
The trustees will ensure that they take into account social, environmental or ethical considerations when setting any future investment policy.
6. PLANS FOR THE FUTURE
The trustees plan to maximise the return from their investment and to continue their grant making policy with increased grants and an even wider variety of applicants.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Charity's trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which gives a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis). In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
a. select suitable accounting policies and apply them consistently;
-
b. observe the methods and principles in the Charities SORP (Statement of Recommended Practice);
-
c. make judgments and estimates that are reasonable and prudent;
-
d. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
-
e. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which will disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
APPROVAL
This report was approved by the trustees and signed on ………………………………………… 2022 and signed on their behalf.
.................................................... Dr. D. R. MacGregor
Trustee
5
KENTISH TOWN IMPROVEMENT FUND
INDEPENDENT EXAMINER'S REPORT
Independent Examiner's Report to the Trustees of Kentish Town Improvement Fund
In accordance with your instructions we have examined without carrying out an audit, the accounts for the year ended 1 April 2022.
Respective Responsibilities of Trustees and Independent Examiner
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 2011 (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to our attention.
Basis of Independent Examiner's Report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view by the accounts.
Independent Examiner's Statement
In connection with my examination, no matter has come to our attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 41 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Laurence Slavin Ramsay Brown LLP Chartered Accountants Reporting Accountants The Brentano Suite, Solar House 915 High Road London N12 8QJ
2022
6
KENTISH TOWN IMPROVEMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 1ST APRIL 2022
| Unrestricted | Restricted | Total | Prior | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Year | ||
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| INCOMING RESOURCES FROM | |||||
| GENERATED FUNDS: | |||||
| Voluntary Income: | |||||
| Donations Received | - | 6,097 | 6,098 | 384,331 | |
| Grants Received | - | 39,590 | 39,590 | 48,913 | |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL INCOME | - | 45,687 | 45,687 | 433,244 | |
| RESOURCES | ──────── |
──────── |
──────── |
──────── |
|
| RESOURCE EXPENDED | |||||
| Grants | 2 | - | 60,192 | 60,192 | 62,457 |
| Running Costs | 3 | - | 47,982 | 47,982 | 63,144 |
| Governance Costs | 4 | - | 3,228 | 3,228 | 2,646 |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL RESOURCES EXPENDED | - | 111,402 | 111,402 | 128,247 | |
──────── |
──────── |
──────── |
──────── |
||
| NET INCOMING/(OUTGOING) | - | (65,715) | (65,715) | 304,997 | |
| RESOURCES FOR THE YEAR | |||||
| TOTAL FUNDS BROUGHT FORWARD | 65,009 | 378,244 | 443,253 | 138,256 | |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL FUNDS CARRIED FORWARD | 65,009 | 312,529 | 377,538 | 443,253 | |
════════ |
════════ |
════════ |
════════ |
There were no recognised gains or losses for the above years other than those in the Statement of Financial Activities. All income and expenditure derive from continuing activities.
The notes on pages 7 to 9 form part of these accounts.
7
KENTISH TOWN IMPROVEMENT FUND
BALANCE SHEET
AS AT 1ST APRIL 2021
| Unrestricted | Restricted | Total | Prior | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Year | ||
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS: | |||||
| Bank and Cash | 65,009 | 337,924 | 402,933 | 470,894 | |
| Debtors | 1,610 | 1,610 | - | ||
─────── |
─────── |
─────── |
─────── |
||
| 65,009 | 339,534 | 404,543 | 470,894 | ||
| CREDITORS AND ACCRUALS | |||||
| Amounts falling due within one | 5 | - | (27,005) | (27,005) | (27,641) |
| year | ─────── |
─────── |
─────── |
─────── |
|
| NET CURRENT ASSET | 65,009 | 312,529 | 377,538 | 443,253 | |
─────── |
─────── |
─────── |
─────── |
||
| TOTAL ASSETS LESS CURRENT | 65,009 | 312,529 | 377,538 | 443,253 | |
| LIABILITIES | ═══════ |
═══════ |
═══════ |
═══════ |
|
| CAPITAL | |||||
| UNRESTRICTED FUND | 65,009 | 65,009 | |||
| RESTRICTED FUND | 312,529 | 378,244 | |||
─────── |
─────── |
||||
| TOTAL CHARITY FUNDS | 377,538 | 443,253 | |||
═══════ |
═══════ |
The notes on pages 7 to 9 form part of these accounts.
The financial statements on pages 5 to 9 were approved by the board of trustees on ……………………..……... 2022.
............................…………………….. Dr. D. R. MacGregor Trustee
8
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
1 ACCOUNTING POLICIES
Basis of Preparation of Accounts
The accounts are prepared in accordance with the current Statement of Recommended Practice ‘Accounting and Reporting by Charities’ and applicable Accounting Standards. They are drawn up on the historical cost accounting basis except that investments are carried at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued on 16 July 2014 and applicable UK Accounting Standards and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS 102.
The charity has taken advantage of the exemption in Financial Reporting Standard 102 from requirement to produce a cash flow statement on the grounds that it qualifies as a small charity.
The charity has taken advantage of the exemption from the requirements to prepare group accounts on the grounds that it qualifies as a small group.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
Incoming Resources
Income is accounted for as received by the charity. The income is shown gross.
Irrecoverable VAT
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial activities.
Grant
The trustees will meet from time to time during the year to agree which charities should continue to benefit from any income accrued in previous years .The Trustees will consider all applications and after carefully scrutinizing the viability of the applicants, select those most suitable for benefit.
Governance Costs
Governance costs consist of expenditure on management and administration of the charity including all expenditure not directly related to the charitable activity or fund-raising ventures. This includes costs of the professional services which enable the charity to function and independent examination.
Debtors
Debtors are recognised at the settlement amount due after any discount. Prepayments are valued at the amount prepaid net of any discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
9
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
ACCOUNTING POLICIES (continued)
Financial instruments
The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Critical Accounting Estimates and Judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates during the period.
2 GRANTS
| RANTS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Aromatherapy Sessions | 5,040 | 4,740 |
| Baby Sing-A-Long | - | 5,225 |
| Saber Ali – Arts Facilitator | - | 1,300 |
| Rebecca J Vaughan – BSL Video | - | 80 |
| Ibrahim Azab – Arts Commission | - | 75 |
| Chris Cawkwell | 720 | 120 |
| Dance For Parkinson’s | 7,170 | 5,185 |
| Citizen Advice Bureau | 18,041 | 17,687 |
| Arts & Health Hub Project | 125 | 125 |
| Creative Wellbeing | - | 6,180 |
| BP Consulting | - | 2,500 |
| Clinical Supervision | 1,120 | 1,540 |
| Mindful Transformation Exhibition | - | 1,050 |
| Intro To Drawing Course | - | 600 |
| Virtual Exhibition | - | 2,970 |
| On A Scale of 1-10 Exhibition | - | 2,675 |
| Freedom to Make Online Sessions | - | 2,200 |
| Hulkes Lane Darkroom Studio | - | 230 |
| The Support Hub | 200 | 1,550 |
| Zo & Co Consulting | - | 850 |
| National Lottery Community Fund Project | 90 | 175 |
| Drawn Together Program | 13,803 | 2,100 |
| Emily Bradfield | 250 | 1,500 |
| Isaac Caplan Wilson | 405 | - |
| Reimbursement | 500 | - |
| Freedom to Be Project | 350 | 1,750 |
| Vanessa Hubbard | 1,080 | 50 |
| Face Painting | 122 | - |
| George Meadows | 150 | - |
| Marina Shu Wa Wu | 400 | - |
| Assemble Design Ltd | 132 | - |
| Madeline Rose | 3,860 | - |
| A M Richardson | 1,625 | - |
| Loise Camrass | 150 | - |
Continued.………
10
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
Continued….
| 3 4 |
Tadhg Booth 155 - Papia Islam 200 - Lucy Levene 1,607 - Charlie Blowers 320 - Grace Smith 1,100 - Iko-Ojo Mercy Haruna 1,297 - Catriona Andrew 180 - ────────────────60,192 62,457 ════════════════RUNNING COSTS 2022 2021 £ £ Advertising and Marketing 152 396 Arts Coordinator 18,227 15,459 Arts Director 15,368 28,024 Artist Material 6,626 9,405 Entertaining 564 - Gardening - 926 General Expenses 455 384 Insurance 1,033 836 Printing, Postage and Stationery (7) 367 Repairs and Equipment 1,585 2,357 Room Bookings - 105 Subscriptions 3,306 2,283 Telephone and IT costs 218 1,007 Training Costs 275 1,433 Travel Costs 180 162 ────────────────47,982 63,144 ════════════════GOVERNANCE COSTS 2022 2021 £ £ Accountancy Fees 1,237 804 Bookkeeping Costs 1,607 1,607 Bank Charges and Interest 384 235 ────────────────3,228 2,646 ════════════════ |
|---|---|
None of the trustees received any remuneration during the above two years for acting as trustees.
No trustee has received any reimbursed expenditure for services provided to the trust.
11
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
5 CREDITORS AND ACCRUALS
| CREDITORS AND ACCRUALS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Loan from James Wigg Practice | 34 | 34 |
| Other Amounts due to James Wigg Practice | 32 | 32 |
| Accruals | 26,939 | 27,575 |
──────── |
──────── |
|
| 27,005 | 27,641 | |
════════ |
════════ |
6 RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
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KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
1ST APRIL 2022
CHARITY NO. 1124077
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 1ST APRIL 2022
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CONTENTS
PAGE
Charity Information 1
Trustees' Report 2 - 3
Independent Examiner's Report 4
Statement of Financial Activities 5
Balance Sheet 6
Notes to the Accounts 7 - 9
----- End of picture text -----
1
KENTISH TOWN IMPROVEMENT FUND
CHARITY INFORMATION
TRUSTEES: Dr. E. A. Goodburn Dr. P. Posner Dr. D. R. MacGregor Dr. S. Higginbottom Dr. H. Nacer-Laidi Dr. S. Yaxley Ms. A. Hussein CHARITY NUMBER: 1124077 REGISTERED OFFICE: James Wigg Practice Kentish Town Health Centre 2 Bartholomew Road London NW5 2BX INDEPENDENT EXAMINER: Laurence Slavin Ramsay Brown LLP The Brentano Suite, Solar House 915 High Road North Finchley London N12 8QJ
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CLIENT REFERENCE: K223
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2
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
FOR THE YEAR ENDED 1ST APRIL 2022
The trustees present their report along with the financial statements for the year ended 1st April 2022. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s trust deed, the Charities Act 2011 and the Statement of Recommended Practice Accounting and Reporting by Charities (FRS 102) 2016.
1. REFERENCE AND ADMINISTRATIVE DETAILS
The Charity was formed under a trust deed dated 19[th] December 2007 and registered with the Charity Commission for England and Wales on 15[th] May 2008.
The trustees named on page 1 have served throughout the year. The trustees run the day to day activities of the Charity personally and do not employ any staff. Ramsay Brown LLP prepare the annual financial statements using financial records prepared by the trustees. The information shown on page 1 forms part of the trustees’ report.
2. STRUCTURE, GOVERNANCE AND MANAGEMENT
The trustees consider that the affairs of the Charity are straightforward and do not require a complicated regime of governance. The trustees are regularly in touch and meet formally four times a year. The trustees have in mind the need to provide for trustees’ succession and when new trustees are appointed the trustees will ensure that they are properly inducted and trained.
3. OBJECTIVES AND ACTIVITIES
The objects of the Charity are charitable objects or purposes concerned with the benefit of the community living in the London Borough of Camden and the surrounding areas by the promotion of health, the advancement of education and the relief of poverty, sickness and distress.
The Charity achieves these objectives by the trustees making financial grants to organisations. The trustees made a small number of grants to organisations for charitable purposes within the objects set out above. The charity also offers financial support to a range of services at Kentish Town Health Centre including social and healthcare, multidisciplinary interactive healthcare and education training, and support groups for sufferers of long term conditions.
4. ACHIEVEMENTS AND PERFORMANCE
The trustees are pleased to state that the trust has sufficient funds to meet its current and future obligations, and that such reserves as it maintains are considered to be reasonable.
Risk Management
The major risks to which the trust is exposed, as identified by the trustees, are and will continue to be regularly reviewed, and systems have been and will be established, and where appropriate, professional advisors have been or will be appointed to mitigate those risks.
5. FINANCIAL REVIEW
During the year ended 1st April 2021 the trust received donated funds of £45,687 (2021: £433,244), now presented in the accounts as My Gift to My Community.
Our primary sponsor comments:
"My support to the community stems from a desire to tackle inequality and injustice. The Kentish Town Improvement Fund was set up with a broad agenda. It has delivered targeted help since 2008. It is important this continues.”
As a National exemplar we must continue without erosion of our principles. It is necessary to restrict our core funding to deliver the primary care initiatives we have developed. These are unique, as they are Primary Care based, not hospital funded or delivered in Secondary Care.
The Free Space Project now delivers a programme of Arts and Health activity that is a leading example of what can be delivered in Primary Care. The Social prescribing agenda specifically adds to the repertoire of the possibilities for doctors and nurses to prescribe, or direct patients towards. Our research has shown a decrease in antidepressant medication prescribing and fewer GP appointments in the cohort benefiting from FSP funded initiatives.
Continued.………
3
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
Continued...
Community Health Partnerships - a wholly owned Department of Health property section - sights the FSP as a National exemplar across their estate. This now comprises more than 250 Health Centres built over the last 12 years. The FSP intends to show case what can be delivered to tackle difficult community problems, which do not currently have mainstream support.
We intend to deliver an expanding programme of Social Prescribing initiatives. It is important our funding is targeted and restricted to ensure our success.
The trustees are pleased with the performance of Kentish Town Improvement Fund which has net assets of £377,538 (2021: £443,253). There was a net outgoing resources of £65,715 in the current year (2021: incoming resources of £304,997). The trust also continues to utilise a donation of £250,000 received in the year-ended 1[st] April 2014, another £250,000 received in the year-ended 1[st] April 2018 and £375,000 received in the year-ended 1[st] April 2021 to enable it to continue to fund the ongoing implementation of its objectives.
Reserves Policy
In line with the recommendations of the Charity Commission, the trustees have formally adopted a reserves policy. This recognises that the income of the trust does not arise evenly year on year and so to enable the trust to plan its activities it is prudent to hold reserves. The Trustees consider it wise to hold unrestricted funds to satisfy ongoing projects for 6 months. This equates to £65,009 as in the proposed budget.( Attached ). The policy also recognises that the reserves that represent the fixed assets of the trust are not freely available and thus are to be distinguished from free reserves. The trustees believe the reserves are adequate to support the continued efficient management of the trust and are not excessive.
Investment Policy
The trustees will ensure that they take into account social, environmental or ethical considerations when setting any future investment policy.
6. PLANS FOR THE FUTURE
The trustees plan to maximise the return from their investment and to continue their grant making policy with increased grants and an even wider variety of applicants.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The Charity's trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
The trustees are required under the Charities Act 2011 to prepare financial statements for each financial year which gives a true and fair view of the charity's financial activities during the year and of its financial position at the end of the year (unless the charity is entitled to prepare accounts on the alternative receipts and payments basis). In preparing financial statements giving a true and fair view, the trustees should follow best practice and:
-
a. select suitable accounting policies and apply them consistently;
-
b. observe the methods and principles in the Charities SORP (Statement of Recommended Practice);
-
c. make judgments and estimates that are reasonable and prudent;
-
d. state whether applicable accounting standards and statements of recommended practice have been followed, subject to any departures disclosed and explained in the financial statements;
-
e. prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping accounting records which will disclose with reasonable accuracy the financial position of the charity and which enable them to ascertain the financial position of the charity and which enable them to ensure that the financial statements comply with applicable law and regulations. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
4
KENTISH TOWN IMPROVEMENT FUND
TRUSTEES' REPORT
APPROVAL
This report was approved by the trustees and signed on ………………………………………… 2022 and signed on their behalf.
.................................................... Dr. D. R. MacGregor
Trustee
5
KENTISH TOWN IMPROVEMENT FUND
INDEPENDENT EXAMINER'S REPORT
Independent Examiner's Report to the Trustees of Kentish Town Improvement Fund
In accordance with your instructions we have examined without carrying out an audit, the accounts for the year ended 1 April 2022.
Respective Responsibilities of Trustees and Independent Examiner
As the charity's trustees you are responsible for the preparation of the accounts; you consider that the audit requirement of section 43(2) of the Charities Act 2011 (the Act) does not apply. It is our responsibility to state, on the basis of procedures specified in the General Directions given by the Charity Commissioners under section 43(7)(b) of the Act, whether particular matters have come to our attention.
Basis of Independent Examiner's Report
Our examination was carried out in accordance with the General Directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently we do not express an audit opinion on the view by the accounts.
Independent Examiner's Statement
In connection with my examination, no matter has come to our attention:
-
which gives me reasonable cause to believe that, in any material respect, the requirements:
-
to keep accounting records in accordance with section 41 of the Act; and
-
to prepare accounts which accord with the accounting records and to comply with the accounting requirements of the Act
have not been met; or
- to which, in our opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Laurence Slavin Ramsay Brown LLP Chartered Accountants Reporting Accountants The Brentano Suite, Solar House 915 High Road London N12 8QJ
2022
6
KENTISH TOWN IMPROVEMENT FUND
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 1ST APRIL 2022
| Unrestricted | Restricted | Total | Prior | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Year | ||
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| INCOMING RESOURCES FROM | |||||
| GENERATED FUNDS: | |||||
| Voluntary Income: | |||||
| Donations Received | - | 6,097 | 6,098 | 384,331 | |
| Grants Received | - | 39,590 | 39,590 | 48,913 | |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL INCOME | - | 45,687 | 45,687 | 433,244 | |
| RESOURCES | ──────── |
──────── |
──────── |
──────── |
|
| RESOURCE EXPENDED | |||||
| Grants | 2 | - | 60,192 | 60,192 | 62,457 |
| Running Costs | 3 | - | 47,982 | 47,982 | 63,144 |
| Governance Costs | 4 | - | 3,228 | 3,228 | 2,646 |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL RESOURCES EXPENDED | - | 111,402 | 111,402 | 128,247 | |
──────── |
──────── |
──────── |
──────── |
||
| NET INCOMING/(OUTGOING) | - | (65,715) | (65,715) | 304,997 | |
| RESOURCES FOR THE YEAR | |||||
| TOTAL FUNDS BROUGHT FORWARD | 65,009 | 378,244 | 443,253 | 138,256 | |
──────── |
──────── |
──────── |
──────── |
||
| TOTAL FUNDS CARRIED FORWARD | 65,009 | 312,529 | 377,538 | 443,253 | |
════════ |
════════ |
════════ |
════════ |
There were no recognised gains or losses for the above years other than those in the Statement of Financial Activities. All income and expenditure derive from continuing activities.
The notes on pages 7 to 9 form part of these accounts.
7
KENTISH TOWN IMPROVEMENT FUND
BALANCE SHEET
AS AT 1ST APRIL 2021
| Unrestricted | Restricted | Total | Prior | ||
|---|---|---|---|---|---|
| Funds | Funds | Funds | Year | ||
| 2022 | 2021 | ||||
| Note | £ | £ | £ | £ | |
| CURRENT ASSETS: | |||||
| Bank and Cash | 65,009 | 337,924 | 402,933 | 470,894 | |
| Debtors | 1,610 | 1,610 | - | ||
─────── |
─────── |
─────── |
─────── |
||
| 65,009 | 339,534 | 404,543 | 470,894 | ||
| CREDITORS AND ACCRUALS | |||||
| Amounts falling due within one | 5 | - | (27,005) | (27,005) | (27,641) |
| year | ─────── |
─────── |
─────── |
─────── |
|
| NET CURRENT ASSET | 65,009 | 312,529 | 377,538 | 443,253 | |
─────── |
─────── |
─────── |
─────── |
||
| TOTAL ASSETS LESS CURRENT | 65,009 | 312,529 | 377,538 | 443,253 | |
| LIABILITIES | ═══════ |
═══════ |
═══════ |
═══════ |
|
| CAPITAL | |||||
| UNRESTRICTED FUND | 65,009 | 65,009 | |||
| RESTRICTED FUND | 312,529 | 378,244 | |||
─────── |
─────── |
||||
| TOTAL CHARITY FUNDS | 377,538 | 443,253 | |||
═══════ |
═══════ |
The notes on pages 7 to 9 form part of these accounts.
The financial statements on pages 5 to 9 were approved by the board of trustees on ……………………..……... 2022.
............................…………………….. Dr. D. R. MacGregor Trustee
8
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
1 ACCOUNTING POLICIES
Basis of Preparation of Accounts
The accounts are prepared in accordance with the current Statement of Recommended Practice ‘Accounting and Reporting by Charities’ and applicable Accounting Standards. They are drawn up on the historical cost accounting basis except that investments are carried at market value. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities (SORP 2005) issued on 16 July 2014 and applicable UK Accounting Standards and the Charities Act 2011. The Charity meets the definition of a public benefit entity under FRS 102.
The charity has taken advantage of the exemption in Financial Reporting Standard 102 from requirement to produce a cash flow statement on the grounds that it qualifies as a small charity.
The charity has taken advantage of the exemption from the requirements to prepare group accounts on the grounds that it qualifies as a small group.
The trustees consider that there are no material uncertainties about the Trust's ability to continue as a going concern.
Incoming Resources
Income is accounted for as received by the charity. The income is shown gross.
Irrecoverable VAT
Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial activities.
Grant
The trustees will meet from time to time during the year to agree which charities should continue to benefit from any income accrued in previous years .The Trustees will consider all applications and after carefully scrutinizing the viability of the applicants, select those most suitable for benefit.
Governance Costs
Governance costs consist of expenditure on management and administration of the charity including all expenditure not directly related to the charitable activity or fund-raising ventures. This includes costs of the professional services which enable the charity to function and independent examination.
Debtors
Debtors are recognised at the settlement amount due after any discount. Prepayments are valued at the amount prepaid net of any discounts due.
Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Creditors and provisions
Creditors and provisions are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
9
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
ACCOUNTING POLICIES (continued)
Financial instruments
The Charity only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Critical Accounting Estimates and Judgements
In the application of the Charity's accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There were no critical accounting estimates during the period.
2 GRANTS
| RANTS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Aromatherapy Sessions | 5,040 | 4,740 |
| Baby Sing-A-Long | - | 5,225 |
| Saber Ali – Arts Facilitator | - | 1,300 |
| Rebecca J Vaughan – BSL Video | - | 80 |
| Ibrahim Azab – Arts Commission | - | 75 |
| Chris Cawkwell | 720 | 120 |
| Dance For Parkinson’s | 7,170 | 5,185 |
| Citizen Advice Bureau | 18,041 | 17,687 |
| Arts & Health Hub Project | 125 | 125 |
| Creative Wellbeing | - | 6,180 |
| BP Consulting | - | 2,500 |
| Clinical Supervision | 1,120 | 1,540 |
| Mindful Transformation Exhibition | - | 1,050 |
| Intro To Drawing Course | - | 600 |
| Virtual Exhibition | - | 2,970 |
| On A Scale of 1-10 Exhibition | - | 2,675 |
| Freedom to Make Online Sessions | - | 2,200 |
| Hulkes Lane Darkroom Studio | - | 230 |
| The Support Hub | 200 | 1,550 |
| Zo & Co Consulting | - | 850 |
| National Lottery Community Fund Project | 90 | 175 |
| Drawn Together Program | 13,803 | 2,100 |
| Emily Bradfield | 250 | 1,500 |
| Isaac Caplan Wilson | 405 | - |
| Reimbursement | 500 | - |
| Freedom to Be Project | 350 | 1,750 |
| Vanessa Hubbard | 1,080 | 50 |
| Face Painting | 122 | - |
| George Meadows | 150 | - |
| Marina Shu Wa Wu | 400 | - |
| Assemble Design Ltd | 132 | - |
| Madeline Rose | 3,860 | - |
| A M Richardson | 1,625 | - |
| Loise Camrass | 150 | - |
Continued.………
10
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
Continued….
| 3 4 |
Tadhg Booth 155 - Papia Islam 200 - Lucy Levene 1,607 - Charlie Blowers 320 - Grace Smith 1,100 - Iko-Ojo Mercy Haruna 1,297 - Catriona Andrew 180 - ────────────────60,192 62,457 ════════════════RUNNING COSTS 2022 2021 £ £ Advertising and Marketing 152 396 Arts Coordinator 18,227 15,459 Arts Director 15,368 28,024 Artist Material 6,626 9,405 Entertaining 564 - Gardening - 926 General Expenses 455 384 Insurance 1,033 836 Printing, Postage and Stationery (7) 367 Repairs and Equipment 1,585 2,357 Room Bookings - 105 Subscriptions 3,306 2,283 Telephone and IT costs 218 1,007 Training Costs 275 1,433 Travel Costs 180 162 ────────────────47,982 63,144 ════════════════GOVERNANCE COSTS 2022 2021 £ £ Accountancy Fees 1,237 804 Bookkeeping Costs 1,607 1,607 Bank Charges and Interest 384 235 ────────────────3,228 2,646 ════════════════ |
|---|---|
None of the trustees received any remuneration during the above two years for acting as trustees.
No trustee has received any reimbursed expenditure for services provided to the trust.
11
KENTISH TOWN IMPROVEMENT FUND
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 1ST APRIL 2021
5 CREDITORS AND ACCRUALS
| CREDITORS AND ACCRUALS | ||
|---|---|---|
| 2022 | 2021 | |
| £ | £ | |
| Loan from James Wigg Practice | 34 | 34 |
| Other Amounts due to James Wigg Practice | 32 | 32 |
| Accruals | 26,939 | 27,575 |
──────── |
──────── |
|
| 27,005 | 27,641 | |
════════ |
════════ |
6 RELATED PARTY TRANSACTIONS
There were no related party transactions during the year.
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Signature 1
Signed by Roy Macgregor using authentication code Z24hIXR1TDZpXFEq at IP address 149.86.186.210, on 2022/11/17 10:08:39 Z.
Roy Macgregor's e-mail address is: roy.macgregor7@gmail.com.